Kenya’s usable foreign-exchange reserves surged to an all-time high of USD 12.07 billion (KSh 1.56 trillion) in mid-October 2025, marking the highest level ever recorded since the Central Bank of Kenya (CBK) began weekly disclosures.
This milestone follows a USD 1.36 billion (KSh 176 billion) build-up in the first two weeks of October, driven primarily by proceeds from the government’s latest Eurobond issuance.
Eurobond Proceeds Drive Reserve Surge
The October 2025 Eurobond raised USD 1.5 billion (KSh 194 billion) across seven- and twelve-year tranches.
CBK data show the following reserve trajectory:
- October 2: USD 10.72 billion (KSh 1.39 trillion)
- October 8: USD 11.23 billion (KSh 1.45 trillion)
- October 15: USD 12.07 billion (KSh 1.56 trillion)
This lifted Kenya’s import cover from 4.7 to 5.3 months above the statutory minimum of 4.0 months and the East African Community’s convergence threshold of 4.5 months.
Policy and Market Impact
CBK continues to report reserves on a “usable” basis, excluding encumbered assets tied to forward obligations. No other inflows of comparable magnitude were recorded during the period. September remittance receipts totalled USD 419.6 million (KSh 54.2 billion), broadly unchanged year-on-year.
